Table of Contents
National News
India Assumes Chair of Colombo Process for 2024-26
India has taken on the chairmanship of the Colombo Process for the first time since the forum’s establishment in 2003. The Colombo Process is a regional consultative forum consisting of 12 member states from South and Southeast Asia focused on the management of overseas employment and the protection of migrant workers.
Appointments News
Sony Appoints Disney Veteran Gaurav Banerjee as New India CEO
In a strategic move to bolster its presence in the burgeoning Indian media landscape, Japan’s electronics and entertainment conglomerate Sony has appointed Gaurav Banerjee, a seasoned executive from Walt Disney, as its new Chief Executive Officer for India operations.
P Santhosh Takes the Helm as MD & CEO of NARCL
The National Asset Reconstruction Company (NARCL), India’s state-owned bad bank, has appointed P Santhosh as its new Managing Director and Chief Executive Officer. The decision was made by NARCL’s board, which recommended Santhosh for a three-year term at the helm of the asset reconstruction company.
Agreements News
Indian Army and IOCL Join Forces for Hydrogen Fuel Cell Bus Technology Trials
Indian Army has joined hands with the Indian Oil Corporation Limited (IOCL) for demonstration trials of Hydrogen Fuel Cell Bus technology. This collaboration underscores the Army’s commitment to innovation and environmental stewardship.
Banking News
European Banks Seek RBI Approval for Third-Party Transaction Model
European Union banks, including Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas, are facing hurdles in trading Indian government bonds and derivatives due to a deadlock between their home authorities and Indian policymakers regarding audit oversight rights. The European Securities and Markets Authority (ESMA) de-recognized the Clearing Corp of India (CCIL) in October 2022, prompting the need for alternative clearing mechanisms.
RBI Imposes Penalty on ICICI Bank and YES Bank
The Reserve Bank of India (RBI) has penalized ICICI Bank and YES Bank for violations of regulatory norms pertaining to their financial positions as of March 31, 2022. Following supervisory inspections, the RBI issued notices to both banks, which subsequently failed to provide satisfactory explanations for the identified lapses, leading to the imposition of penalties.
RBI Imposes Penalty on HSBC for FEMA Violations
The Reserve Bank of India (RBI) has levied a penalty of Rs 36.38 lakh on HSBC Limited for breaching regulations outlined in the Foreign Exchange Management Act (FEMA). Specifically, HSBC failed to adhere to reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999. The central bank’s action follows a thorough review of the case, including HSBC’s response to a show cause notice issued earlier.
RBI Imposes Business Restrictions on Edelweiss Group
The Reserve Bank of India (RBI) has taken stringent action against Edelweiss Group’s lending and asset reconstruction arms due to concerns regarding the manipulation of loans and structured transactions. This move comes amidst the central bank’s ongoing efforts to curb evergreening of loans and ensure regulatory compliance in the financial sector.
Asian Development Bank’s $2.6 Billion Sovereign Lending to India in 2023
The Asian Development Bank (ADB) committed $2.6 billion in sovereign lending to India in 2023, aiming to bolster various sectors including urban development, power, industry, horticulture, connectivity, and climate resilience.
Business News
IRDAI Mandates Shorter Audit Tenures to Boost Governance in Insurance Sector
In a move aimed at strengthening corporate governance in the insurance industry, the Insurance Regulatory and Development Authority of India (IRDAI) has issued new guidelines that reduce the engagement period of statutory auditors with insurance companies from 10 years to 4 years. This strategic decision is poised to ensure regular rotation and independence of audit firms, thereby enhancing transparency and accountability in the sector.
SEBI Shortens Commodity Derivatives Delivery Period to Boost Liquidity
In a strategic move to improve liquidity in the commodity derivatives market, the Securities and Exchange Board of India (SEBI) has reduced the deliverable period for commodity derivatives from the previous 5 days to 3 days. This regulatory change is set to take effect from July 1, 2024, and will apply to contracts with staggered delivery scheduled after this date.
Economy News
Income Tax Department Sets Cost Inflation Index for FY 2024-25
In its latest notification, the Income Tax department has established the Cost Inflation Index (CII) for the financial year 2024-25 at 363. This index is crucial for taxpayers as it aids in computing long-term capital gains arising from the sale of various capital assets, including immovable property, securities, and jewellery. The CII serves as a tool to adjust for inflation, allowing taxpayers to determine gains accurately by considering the real appreciation of assets rather than gains attributed solely to inflation.
Defence News
India Successfully Tests Anti-Radiation Missile ‘Rudram-II’
India has achieved a significant milestone with the successful flight test of the indigenously developed anti-radiation missile Rudram-II. Fired from a Su-30 MKI fighter aircraft off the coast of Odisha, this missile is poised to become a vital asset for the Indian Armed Forces, serving as a force multiplier in suppression of enemy air defenses (SEAD) missions.
Awards News
Top PSUs Honored at Outlook Planet Sustainability Summit & Awards 2024
The city of Goa recently hosted the first-ever Outlook Planet Sustainability Summit & Awards 2024 for Central Public Sector Enterprises (CPSEs) on May 27th. Organized by the Outlook Media Group with BDO India as the Awards Process Advisor and IIT Goa as the Knowledge Partner, the event provided a platform to recognize the sustainability initiatives undertaken by government-owned companies.
Important Days
International Potato Day 2024: Harvesting Diversity, Feeding Hope
This year, the world will celebrate the first-ever International Potato Day on May 30th. In December 2023, the United Nations General Assembly designated May 30th as International Potato Day to be observed annually. The intent is to raise awareness of the immense nutritional, economic, environmental and cultural value of the humble potato.
International Everest Day 2024 Observed on May 29
On May 29, the world will observe International Everest Day in memory of Nepalese Tenzing Norgay and New Zealand’s Edmund Hillary, the first individuals to conquer the formidable Mt. Everest in 1953. This remarkable achievement etched their names in the annals of history, inspiring generations of adventurers and mountaineers.
Weekly Current Affairs One-Liners: 24th ...
Daily Current Affairs 29th June 2024, Im...
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